Fiserv rolls out AllData Connect for managing external account aggregation

The solution assists Financial institutions (FIs) to help their consumers access their account information when and where they choose. Furthermore, it delivers actionable consumer data from over 20 million daily imported transactions and provides a single point of access for third-party aggregation activity.

Aggregation is a process through which information from multiple sources is collected and presented in a single location. AllData Connect enables consumer data consent by directing consumers to a Fiserv-hosted portal where they validate their identity and provide consent to share their data. Fiserv validates their credentials and keeps their information within its firewall.

Using industry-standard file formats modelled after the Durable Data API format sanctioned by the Financial Data Exchange (FDX), AllData Connect delivers data to third-party applications for a specific application or transaction.